Law: Income Tax Ordinance, 2001

Section: 122

Law: Income Tax Ordinance, 1979

Section: 12,12(18)

(a) Income Tax Ordinance (XLIX of 2001)----S.122---Income Tax Ordinance (XXXI of 1979), S.12 (18)---S.R.O. No. 633(I)/2002 dated 19-9-2002---Amendment of assessment---Addition---Assessment was modified under S.122 of the Income Tax Ordinance, 2001 on 21-1-2004 by invoking S.12 (18) of the Income Tax Ordinance, 1979 treating the share deposit money as a loan---Validity---High Court had observed that S.R.O. No.633(I)/2002 dated 19-9-2002 was not a valid and legal document and was of no consequence and it was so declared---Department could not invoke the provisions of S.122 of the Income Tax Ordinance, 2001---Order passed by the Assessment Officer was cancelled and assessment finalized under S.62 of the Income Tax Ordinance, 1979 was restored by the Appellate Tribunal. Honda, Shahrah-e-Faisal, Karachi and others' case 2005 PTD 1316; 2005 PTD 1621 and W.P. 7788 of 2003 rel. (b) Income Tax Ordinance (XXXI of 1979)--- ----S. 12(18)---Income deemed to accrue or arise in Pakistan---Addition---Share deposit money created through transfer entry by general voucher did not attract the provisions of S.12 (18) of the Income Tax Ordinance, 1979. 2001 PTD 1180 rel. ORDER NASEER AHMAD (ACCOUNTANT MEMBER).---The titled appeal has been preferred at the behest of assessee for the assessment year 2000-01 against order dated 29-6-2004 passed by the learned C.I.T.(A), Zone I, Lahore. The appellant has agitated that the Assessing Officer was not justified to invoke the provisions of section 12(18) of the repealed Income Tax Ordinance, 1979 terming the share deposit money as loan. 2. Brief facts giving rise to the present appeal are that the appellant is a private limited company deriving income by rendering services to its clients as a Share Registrar, Secretarial, Financial Management Consultancy, software designing and its development. The appellant also covers the customized Software Development and designing a comprehensive Network for ISP. In the year under appeal the income of the appellant was assessed at Rs.17,61,296 against the declared income of Rs.8,07,368 due to certain additions made out of claimed expenditure under the head of P & L account. The assessment was,…

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